Soyuz Bunkering Winding Down Operations

SBG is part of Russia's Summa Group, which is owned by Russian billionaire Ziyavudin Magomedov

Soyuz Bunkering Group (SBG) is in the process of winding down its operations, several industry sources have told Ship & Bunker.

When contacted by Ship & Bunker, SBG Europe (SBGE) declined to comment on the matter, but a number of industry sources have told Ship & Bunker that at the beginning of last week SBGE informed them it had stopped selling and was winding down operations in the ARA region.

"They've been very good about it and are paying their outstandings, so I don't think there is any danger of there being any fallout or problems from this," one player told Ship & Bunker.

"It just didn't work out for them, is what I was told."

SBG began operations at the beginning of 2014, and as recently as March SBGE expanded its European operation with the charter of its seventh bunker delivery barge in the ARA region.

SBG Singapore (SBGS), meanwhile, is understood to have been operating in a limited capacity since Spring following the departures of key traders including Kasper Soeje and Aaron Hong, along with Peter Grunwaldt who had been running the new group from Dubai.

The group's Singapore-based Credit Manager John Phillips has confirmed to Ship & Bunker he resigned from SBGS on August 11, 2015, but declined to comment further on the matter.

Industry sources, however, suggest the remaining SBGS staff, Brenda Neo and Sally Tan have had their contracts terminated and will leave effective October 31, 2015.

It is understood SBG's office in Dubai closed last February.

SBG is part of Russia's Summa Group, which is owned by Russian billionaire Ziyavudin Magomedov.

The developments are a turnaround from SBG's position in March, when it said it was not closing offices despite "various rumours and speculation" to the contrary.